Florida Regulations 61J2-5.019: Responsibility for Registration Status
Current as of: 2024 | Check for updates
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(1) It shall be the duty of every active corporate officer and director to see that the corporation and each of its officers, directors and salespersons are holders of current registration and licenses. It shall be the duty of every active broker partner of a partnership to see that each partner of a partnership required to hold registration and license does in fact hold registration and license.
(2) No corporate registration or license of any of its officers, directors, and salespersons shall be valid unless and until such corporation has an active broker other than as provided in Fl. Admin. Code R. 61J2-5.018
(3) The registration of such partnership shall be cancelled automatically during that period of time that at least one partner is not the holder of a current and valid active broker’s license.
Rulemaking Authority 475.05 FS. Law Implemented 475.01(1)(a), 475.15, 475.31, 475.42 FS. History-New 1-1-80, Formerly 21V-5.19, Amended 6-28-93, Formerly 21V-5.019.
Terms Used In Florida Regulations 61J2-5.019
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(3) The registration of such partnership shall be cancelled automatically during that period of time that at least one partner is not the holder of a current and valid active broker’s license.
Rulemaking Authority 475.05 FS. Law Implemented 475.01(1)(a), 475.15, 475.31, 475.42 FS. History-New 1-1-80, Formerly 21V-5.19, Amended 6-28-93, Formerly 21V-5.019.